Having rented to the same family for thirty plus years our client came to us in need of guidance. The tenants were paying well below San Diego market rent, and had allowed the property to deteriorate. Furthermore, they had become hostile and were not communicating with the landlord. Our client was understandably frustrated, so we stepped in, promising to manage the property and committed to getting it vacated, renovated and sold.
We went to work quickly, meeting the tenants, advising them that the owner had decided to sell the property, and offering them first right to purchase it. To ensure that we didn’t waste time and money, we proceeded with serving proper notice to vacate and allowed ample time to arrange financing however they decided not to move forward with the purchase.
This property was in a sad condition and needed a full face-lift. The repairs included a new roof, fresh interior and exterior paint, all new flooring. Brand new kitchen and bath, new fans, fixtures, mirrored closet doors and windows! Not to mention, some plumbing issues in the basement that needed to be fixed and some major love to the yard.
After the full renovation was completed, the property was listed and quickly had multiple offers. The owner was pleased to see the home sold to a first time home buyer, one with great aspirations for the large lot the property sat on. Fortunately, our client was able to put her equity into a 1031 exchange, and purchase a better performing and quality replacement property.